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WILL PROPERTY-VALUE-DECLINE AFFECT LIBRARY PURCHASE PRICE?


Yelm Timberland Regional Library

With the Thurston County Assessor’s Office noting assessments for “Commercial properties decreased for the second year in a row, down 6.2 percent” and continuing a descent, according to The Olympian, will the cost to purchase the Yelm Library in a condo arrangement also decrease?

The appraisal from March 7, 2011 valued the condo at $1.2 million. If the county’s trend continues downward to record assessment drops through the end of the year, another 6% drop would equate a value of $72,000 lower than the original appraisal. Six percent off the net price of $1 million dollars, taking into account Clapp’s lowering the price by $200,000, would equal a drop of $60,000.

Bottom line:
Since this whole saga began, with very little public information and only one option’s details ever shared with the public, that of buying the current library facility, the value of commercial real estate has had a huge decline. With purchase negotiations still continuing, has that decline been factored into the purchase negotiations, in the public interest to protect the Yelm taxpayer?

PROBABLY NOT!
THE YELM PROPERTY OWNER WILL SOON GET A HEFTY BILL TO PAY FOR THIS FACILITY, ONE THAT IS TOO LARGE FOR THIS CITY TO CURRENTLY BEAR IN SUCH DIFFICULT ECONOMIC TIMES. REGARDLESS OF THE HYPE THAT THIS AREA MUST HAVE THE CURRENT LIBRARY, YELM CAN NOT AFFORD IT!
Read more about an affordable alternative.

HMMM!

Posted by Steve on September 24, 2011 at 6:56 am | Permalink

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